The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-03
The Virginia State Debt.


To the People Of Virginia.:
At a meeting of Virginia BOndhOders, con
yened by the Council OF Foreign BOndhOlders,
and held on Friday the 2ith of september.
1886 at the CannOn-street Hotel London.
the following resolutions were passed unani-
mOusly
That this meeting deplores the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights. and. while
asserting its steadfast determination not 70 ac-
cept the Riddeberger settlement, which, in
view Of the admitted ability OF Virginia 10 set
tie with her creditors and the sacrifices they
have already made on her behalf, il considers
dishonest and unjust, hereby expresses its
willingness To meet the State and entertain a
reasonable compromise based upon the pres
ent taxation and the available revenue, after
providing for the Constitutional Appropriation
for government, schools, and other public eX-
penditure.'
The State had the benefit Of the whole of the
money she originally borrowed ($34 10000. It
laid the foundation OF her roads. railways. and
canals, and has brought millions Of dollars
into the country. Had you not constructed
these public works with the bondholders
money you would have 70 be taxed now Tor
No state which borrowed money ever en-
loved the benefit OF its loans more than Viz
ginia has done. LSee Senate Document XIV
Session. lS11-1S.
The present unsettled condition OF the debt
is keeping capital and immigration out of Viz
ginia, and rs long as matters so continue yOu
Will never QcNclOp the Splcutlu RESOURCES OF
the State in the way they deserve.
The revenue of Virginia is increasing. The
last assessment shows an increase of Sj5,O0
900 i'm taxable values. Your present revenue
might be largely increased 81 the taxes were
more carefully collected and the present as
sessments on property cgualized throughout
the State.
What might have been difficult 10 do few
years ago is easy now, and each year the bur
den will become lighter. When the debt qucs
ton is settled capital and enterprise. which
now holds alOOf. will flow into the state.
The settlement offered by the bondhOldcrs
proposes that the bonds now i'm existence bear
ing taX-rccciVable coupons should be deposited
i'm some trust company that new bonds should
be issued in their place, bearing no tax recciy
able coupons. ana AZ Il low rate OF interest.
When the state pays a hai -yGar interest on
the new bonds, the tax receivable coupons for
that halfyear shall be cut OF the old bonds by
the trust company, cancelled, and delivered 10
the State. Any increase on the present reye.
nue. will be appropriated boy the state, aud
the DODdhOlders VIII not nave any claim on H..
There was a cash balance last july ln the
Treasury of $4,000, and the average purchase
Of Riddleberger 3s by the state has been at
the rate of $4,000 per annum in cash. The
State has some millions OF dollars OF assets
which would help her in arranging settle
mcnt.
The bOndholders are as deeply interested as
you are in maintaining the credit and prosper
ity OF VOur State. They ask Tor "A fair hearing
and a discussion Of the question by business
men. and not by politicians, whose interest IL
. is 10 prevent an understanding being arrive
at and an honorable compromise made.
The best way OF bringing about this settle
ment il for taxpayers 20 tender coupons in
payment OF their taxes. In view of the con
ciliatOry spirit and liberal Offer made by the
creditors ! venture respectfully TO submit 10
You that it is your moral duty, as well us your
legal right and privilege, 10 tender coupons for
taxes now due. JAMES T.. COOPER.
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